Foundation Software Achieves Record Sales During Q4; Record Sales in Q4 Close 2002 as the Most Profitable in Company's 18-Year History



CLEVELAND--(BUSINESS WIRE)--Jan. 2, 2003--Foundation Software, developer of the #1 Accounting Software for Labor-Intensive Contractors, is pleased to announce strong fourth quarter earnings, closing 2002 as one of the most profitable in the company's 18-year history

This phenomenal growth is extremely positive, given various economic reports sighting a slowed growth in the construction sector. The Dodge Index recorded Construction Contract Value down this year for both Non-residential Building and Non-building Construction compared to 2001. Similarly, ENR reported that many private building markets are close to, if not in, recession while the unemployment rate for blue and white-collar construction workers rose to 9.5% in comparison to 6.4% in 2000.

Matt Baumgartner, President of Foundation Software, attributes Foundation Software's success to several key factors, including:

-- A customer-focused methodology, which assists construction customers to increase productivity and improve the financial management of their jobs
-- An unwavering commitment to continuous improvement, with a substantial investment in product enhancement and R&D efforts
-- A seasoned sales force, who all have an in-depth knowledge of the system, a thorough understanding of construction and awareness of what is needed to help contractors run their businesses efficiently.
-- And finally, a powerful, technologically-current and easy-to-use construction accounting system designed for the labor-intensive construction contractor

Mr. Baumgartner continued: "FOUNDATION for Windows primary strength is its ability to give owners up-to-the-minute information on their jobs. Knowing why jobs are making or losing money is critical, especially during slower times. The benefits of an accounting system that can produce positive results are well worth the initial investment."

Foundation Software's high earnings and increased demand for their accounting system resulted in the opening of two regional sales offices during 2002. As a part of their continued expansion, Foundation Software plans to add several regional satellite sales offices in 2003.

About Foundation Software, Inc.(R) - Since 1985, Foundation Software has assisted thousands of labor-intensive construction contractors with their accounting and financial software management needs. FOUNDATION(R) for Windows(R) is a 32-bit Windows construction accounting For information, visit us online at www.foundationsoft.com or call (800) 246-0800.

The #1 Accounting Software for Labor-Intensive Contractors.(TM)

CONTACT: Foundation Software
             Erica Leroux, 800/246-0800 ext 202 
             
Email Contact
                       or
             Tracie Kuczkowski, 800/246-0800 ext 222 
             
Email Contact



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